World Bank raises forecasts for Saudi economic growth to 8.3% in 2022

05/10/2022 Argaam

The Kingdom of Saudi Arabia's flag 

The World Bank raised its expectations for Saudi Arabia’s real gross domestic product (GDP) to 8.3% in 2022, compared to its previous estimates of 7% in May.

 

In its Middle East and North Africa Economic Update, the World Bank expected the Kingdom’s economy to grow by 3.7% in 2023.

 

The Kingdom is also projected to post a surplus at 6.8% and 4.5% of GDP in 2022 and 2023, respectively.

 

Last January, the World Bank upgraded its forecasts for the Kingdom’s economic growth from 3.3% to 4.9% in 2022, ahead of raising them to 7% last May.

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